Pandora reports Q2 revenue
OAKLAND, Calif.--(BUSINESS WIRE)-- Pandora (NYSE: P) today announced financial results for the second quarter ended June 30, 2017.
"We have taken a number of steps to hone the company’s strategy and position Pandora to continue to build audience and extend monetization through a combination of advertising and subscription revenue streams. In addition to exceeding our revenue expectations this quarter, we also announced several important strategic moves including a $480 million investment from Sirius XM, the sale of Ticketfly, and changes to our board and management team," said Naveen Chopra, CFO and interim CEO of Pandora. "We remain laser-focused on execution that attracts listeners and investments that drive the growth and monetization of our audience."
- Ad RPM grew to $66.15 in Q2 2017 from $53.34 in Q2 2016, growing 24% year-over-year
- Q2 2017 total consolidated revenue was $376.8 million, growing 10% year-over-year
- Q2 2017 ad revenue was $278.2 million, growing 5% year-over-year
- Q2 2017 subscription revenue was $68.9 million, growing 25% year-over-year
- Q2 2017 local revenue pushed above 30% of total ad revenue for the first time
- Q2 2017 showed strong engagement, with listeners tuning in an average 26 days per quarter and approximately 23 hours per month
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